A Study On The Corporate Investment And Financing Behavior Of -Based On Social Responsibility

The Corporate social responsibility has developed into corporate behavior and then social responsibility of international standards since its originating, Corporate social responsibility have become a world hottest concerns to all scholars, lawmakers, corporate managers and shareholders and the society. Investors increase the concerns for a corporate implement the subject in the evaluation of corporate social responsibility. Fortunately, ZhangYuJun who is the manager of Shenzhen Stock Exchange stated that Supervision departments will fulfill the corporate social responsibility when listed companies implementing refinancing and M&A in the future." in his responsibility report for the listed company's preparation workshop. Based on this background, this paper is under the viewpoint of the perspective of social responsibility of the corporate investigate the relationship between investment and financing, leading corporate, promote the capital market and the behavior of social harmonious development.The paper make an intensive study of corporate social responsibility for corporate investment and financing behavior as the breakthrough point, which in turn on corporate social responsibility of the corporate investment and financing behavior binding according to the impellent consecution.This paper includes six chapters, the concrete contents are as follows:Chapter one is the introduction, it outlines mainly background, the summary and evaluation of literatures in both domestic and foreign as well as the significance of this paper. Also, it list out the innovation opinion. These works provide analytical precondition and researching framework for latter study.Chapter two is the origin and evolution of Corporate Social Responsibility. It expatiate the changes of Corporate Social Responsibility and analyze the relationship of Corporate Social Responsibility and capital market behavior. In the capital market, every participant can always find a suitable starting point that can bring Social Responsibility into their business though they are different roles. Such as financial institutions should take environmental, social and corporate governance into their investment decision. Chapter three is the summary of investment and financing behavior and related theory analysis. Investment and financing are interrelated economic activities. But Neo-classical synthesis school's corporation investment theory and MM theory advocated that there is irrelevant between financial structure and investment behavior of companies. However, modern finance theory shows that financing structure and investment behavior are related. The mainly theories are investment shortage hypothesis, capital substitution hypothesis, financing constraints hypothesis and so on. Finally, this chapter introduces the new theory of the investment and Financing Behavior of Companies: Socially Responsible Investing and social responsibility standard in the financing process.Chapter four is the research on biding of corporate social responsibility to the corporate investment and financing behavior. On the one hand, this part describes binding of corporate social responsibility on the corporate investment behavior and elaborates the binding on resources, market and systems by introducing the constraints of the corporate investment behavior. On the other hand, corporate social responsibility can also bind financing behavior. As stock market and bond market can restrain the corporate financing behavior, If neglecting corporate social responsibility, the company will be "voting by foot" by the stock market in the financing process. That is to say, investors sell their shares in the stock market that causing the stock price to fall. In the bond market, the financial industry aware that irresponsible investment and trade behavior has brought some risk into the environment and society. It also has brought non-performing loans and reputation risk to bank. Those who cause serious pollution and don't value human rights can not get loans.Chapter five is the research on the sustainability of corporate social responsibility to the corporate investment and financing behavior. In order to keep the sustainability of investment and financing behavior, corporate require to evaluate corporate social responsibility in the investment and financing process. In this part, it set up some corporate social responsibility indicators. In the financing process, we should be a comprehensive test of its traditional financial indicators and the financial indicators which response the social responsibility. It is feasible for traditional decision-making as long as the raised funds can generate yield which is greater than fund cost. However, this decision ignores the relationship between social revenues and costs of capital. This would be misleading the company's financing decision-making, and then induce disharmony. In the investment process, we should integrate the indicators which response to economic factors, sustainable development factors, legal and ethical factors to analysis. An empirical analysis of the sustainability of investment and financing was provided by a two-level fuzzy synthetical evaluation model .Chapter six is the conclusion of this paper. With the emphasis of theory of corporate social responsibility, the investment and financing of micro-enterprises, especially the investment and financing of listed companies will undergo profound changes.Corporate investment and financing behavior ranges over many topics. But for the research of corporate investment and financing behavior due to the influence of financial theory. Most research and public attention focus on the structure of capital, capital cost and investment returns such core financial problems. But the influence of the social responsibility to the corporate investment and financing behavior also can not be underestimated. This paper chooses the corporate social responsibility as a unique perspective to have the corporate investment and financing behavior in research. Therefore the new points for this paper is opening a visual angle for the research of corporate investment and financing behavior. Corporate investment and financing behavior and corporate social responsibility related on the corporate social responsibility not only blinding the corporate financing behavior but also guarantee the sustainability of corporate financing behavior.